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Retail gasoline prices tend to be at a $0.75 to $1.25/gallon premium to the wholesale gasoline price as traded on the New York Mercantile Exchange, which would mean that a wholesale price of $3.06/gallon would indicate a retail price of $3.81 to $4.31/gallon, depending on where in the U.S. the retail pump might be located.

It looks like most of that 50 cent a gallon price decline has already occurred in the wholesale market ... with more to come if Obama's opening of domestic drilling proves to be more than a disingenuous political ploy.

It looks like most of that 50 cent a gallon price decline has already occurred in the wholesale market ... with more to come if Obama's opening of domestic drilling proves to be more than a disingenuous political ploy.

What is more domestic drilling going to achieve? I mean, other than to placate investors who (falsely) believe that we have a supply problem?

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